S&P gives Rainbow National Services loan BBB-

Standard & Poor's said it assigned a BBB- rating and 1 recovery rating to Rainbow National Services LLC' s proposed $800 million of secured bank facilities.

The agency said it also affirmed its BB bank loan rating and 2 recovery rating on CSC Holdings Inc.'s $5.5 billion of secured bank facilities.

S&P noted that the ratings on parent Cablevision Systems Corp. reflect the solid investment-grade characteristics of Cablevision's core cable TV business composed of three million basic subscribers in the metropolitan New York/New Jersey area.

These favorable business characteristics are partly offset by the company's aggressive financial policy, including its April 2006 payment of a $3 billion dividend to shareholders, the agency added.

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